Initial Results Released for Bakassi West Exploration Well in West Africa

Initial Results Released for Bakassi West Exploration Well in West Africa

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Calgary, Alberta (FSCwire) - International SoftRock Oil Company Limited (TSX-V: SOF) (“SoftRock” or the “Company”) announces that the partners in the Bakassi West block on the Niger Delta, Cameroon, have completed drilling operations on the Manatee-1 exploration well in Cameroon.

The Manatee-1 well was the first exploration well drilled by the partners in this shallow water region of the prolific Niger Delta Basin, offshore Cameroon, and was spudded on March 2 using the Paragon M825 jack-up rig. Dana Petroleum operated the well and SoftRock’s 10% working interest participation was fully carried by the partners Dana Petroleum and SDX Energy Inc.

The well reached TD of 1,447 meters on March 27 and intersected 26 meters of net hydrocarbon pay of varying quality, which is thought to be gas-bearing. Wellbore conditions did not permit the acquisition of data using the full suite of logging tools in the deeper sections of the well and therefore the analysis of the lower sections is inconclusive at this time. Additional technical work will be completed with the samples and material collected from the well to improve the understanding of their quality in a post well analysis by the partners, including the commercial viability of the gas discovery. The operation was conducted safely and within the anticipated pre-well budget estimate.

Don Vandergrift, President and Chief Executive of SoftRock, commented:

“The Manatee-1 well results confirm a working hydrocarbon system that is weighted more towards gas than liquids. Our technical team, with significant regional experience, will be working with our partners to assess whether the discovered gas has commercial potential. Importantly, Manatee-1 has de-risked a number of the leads on the block, while still leaving untested the Cretaceous play system in the North that has yielded other significant oil discoveries along the West African Transform Margin. In the meantime, we will continue to concurrently evaluate other regional opportunities, with our vision to create a portfolio of near development and producing assets.”

EIA predicts U.S. gas production will grow by nearly 1 Bcf/d in one month EnerCom’s Effective Rig Count rose sharply last month, as improving efficiencies combined with a jump in active rigs. The Effective Rig Count now stands at 2,670, meaning it would take 2,670 rigs from January 2014 to yield the same production as current operations are achieving. Current[Read More…]